Jamaica is optimistic about tide-over loans

Jamaica is negotiating with commercial banks for $40 million needed to ensure adequate supplies of food, raw materials, spare parts, and capital goods for the rest of 1980, Prime Minister Edward Seaga said. He said negotiations for a 180 -day letter of credit were at an advanced stage and he was optimistic about the outcome. He also confirmed reports that the government was holding talks with the International Monetary Fund. He said Jamaica was eligible for about $600 million in IMF loans over three years.